topic Re: DriveTime in Auto Loans

DriveTime

jazz_collegegrad08 — Wed, 20 May 2009 15:18:08 GMT

I was approved for a DriveTime loan. I don't know for how much or the APR bc I applied online in the middle of the night and a lady called me back this morning (I was still sleep) and left a message: "good news you've been approved". What are their interest rates like? The website gives no informationa and you can't even see photos of the vehicles.

I was also approved with roadloans, but I'm not sure if I want to use the voucher bc they APR is soooo high 17.99% (my credit sucks TU 590---before my dispute which is still pending from all 3 CBs). They refered me to carmax and I found a car that I really like.

Anyways, the original question was what was your experieince like with drivetime??? I'm going to call the lady back so I can compare the two loans.

Re: DriveTime

MizzB — Wed, 20 May 2009 16:55:22 GMT

DriveTime's rates will be comparable to Road Loans. There rates are usually in the high teens as well. I don't have any direct experience with Drive, but the two people I know have had very negative experiences dealing with the finance company. Also, at our local dealers, the inventory wasn't that impressive. Carmax had a much better selection.

Message Edited by MizzB on 05-20-2009 12:55 PM

Re: DriveTime

rj541 — Fri, 22 May 2009 05:26:34 GMT

Do NOT go to drivetime. I worked at a large rental car agency, the majority of the business at the branch came from drivetime. Lemons.

Re: DriveTime

Anonymous — Sat, 23 May 2009 00:03:42 GMT

Run, do not walk, away from these people. Unless you have no other option, Drivetime is the last one you want to do bussiness with. I've had experience with them and know first hand.

Message Edited by ridgerider on 05-22-2009 05:03 PM

Re: DriveTime

jazz_collegegrad08 — Sun, 24 May 2009 10:44:56 GMT

Ok thanks a lot people. I'm still wondering if I should pursue roadloans. I'm a CU member but don't expect to get a better interest rate from them either bc of recent inquires and low credit score. Should I just accept the 17.99% from roadloans and refinance in a couple months after I boost my score?

Re: DriveTime

Anonymous — Sun, 24 May 2009 21:01:31 GMT

@jazz_collegegrad08 wrote:
Ok thanks a lot people. I'm still wondering if I should pursue roadloans. I'm a CU member but don't expect to get a better interest rate from them either bc of recent inquires and low credit score. Should I just accept the 17.99% from roadloans and refinance in a couple months after I boost my score?

If you can qualify with the CU, it will be a better rate than Roadloans. The question of whether you qualify is another discussion.

Re: DriveTime

MizzB — Sun, 24 May 2009 23:11:05 GMT

I would suggest trying the Credit Union before proceeding on with RoadLoans. I would go with RoadLoans as a last resort.